Eliminate Debt Without Bankruptcy

There are a number of alternatives for getting out of debt without having to claim bankruptcy. The first thing you should do is contact your creditor(s) and ask to work out a different payment plan. If your credit card payment is too high, request a temporary reduction in monthly payments. You can also ask for an extended payment period and removal of late fees.

Secondly, you can seek assistance from the Consumer Credit Counseling Service, a nationwide nonprofit organization specializing in making repayment plans more manageable. Beware of counseling services that are for-profit, as they charge administrative fees which can add up.

Debt consolidation loans is another option, allowing you to make lower payments to one lender. The advantages are explained in the debt consolidation loans section of this web site.

One of the last options to consider is selling some of your belongings via EBay, a pond shop or estate sale. One man's junk is another man's treasure. You can get money for the table collecting dust in your garage or for the CDs you don't listen to anymore.

Bankruptcy is not something that should be done just for the heck of it. Bankruptcy goes on your record, making it difficult to obtain credit in the future. There are several different options to bankruptcy that produce far better results.